EARNINGS: Pennpetro loss narrows as looks to fix 'past shortcomings'
The following is a round-up of earnings by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Pennpetro Energy PLC - London-based developer of ‘strategic traditional and transition energy projects’ in Ukraine, US and Canada - Reports no first half revenue, down from $30,000 a year prior. Pretax loss is $447,000, narrowed from $577,000. Says its has ‘significantly enhanced corporate governance’ to fix ‘past shortcomings’. Chair Richard Spinks comments: ‘The period...was insightful in terms of the understanding I and my co-directors were able to gain surrounding both current and legacy situations at the company which led the company to the position it was in at that time. In short, a highly critical time for the company and its shareholders; with limited options to continue, lacking revenues, having failed in developing producing assets and being limited in funding options. This period ended just prior to my appointment to the board of the company.’
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Achilles Investment Co Ltd - investor in closed-ended, London-listed investment companies - Reports net asset value at December 31 of 98.98 pence per share. Achilles says it is targeting ‘strong financial returns for shareholders’.
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